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New silhouette of umbrella is really great. Has just enought character, ruffly-ness, and chic, without being overdone. You did a good job getting rid of the cheesy factor. I do rather like the umbrella between the words, with the words in the lighter color.
Like Miro said, you may want to play with a more fanciful font - but I think the one you have fits great also.
Will you be using a black & gray color pallette? Or will you try out colors?
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I think I'll be using the black and gray pallette. Might try colours just as an experiment.